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How Car Escrow Works

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When buying or selling a car it is vital that you use the third party services provided by Escrow.com to complete the transaction. Cars are commonly high-value items, and the finalizing of the payment can often pose a high risk to the finances of all parties involved. Rather than relying on trusting a stranger to fulfill their verbal obligations, placing money in an escrow account while the car purchase settles completely eliminates any risk to the seller or purchaser.

The process of using escrow for your car purchase couldn’t be simpler. Once the purchaser has chosen the car that they want to buy they will contact Escrow.com to have the terms of the sale was written up. These terms include, but are not limited to, the cost of the car, the condition the car will be received in, delivery method and they will often include a period in which the purchaser can let the seller know if they are unhappy with any aspects of the car, this is an extra guarantee to the purchaser, provided by Escrow.com, that if the car has any previously undisclosed faults, they will be within their rights to dispute the transaction.

Once the buyer and seller have agreed to the written terms and conditions, the purchaser is required to transfer the full amount, or an agreed deposit, into a secure online account set up by Escrow.com. The funds will remain in this escrow holding account until the seller has met all of the conditions as agreed when the initial escrow contract was drawn up. Once instructed by Escrow.com that funds have cleared, the seller will arrange delivery of the car. Once the purchaser receives the car they have a time limit to accept the car and once they have done this, the funds are released by Escrow.com and the sale is finalized. Using the services of Escrow.com during a car sale offers protection to both the seller and the purchaser. The seller is regulated by escrow to ensure that the product for sale meets the description given, they also ensure that the seller doesn’t renege on the original deal and sell to someone else if they receive a higher offer.

Escrow.com ensures that the buyer is guaranteed to take ownership of a car that has been described completely accurately. There will be no hidden faults or flaws with the car and if so, the transfer of funds are put on hold while these are rectified.

Escrow.com ensures that the entire car sale is managed from the start (when the car is chosen for purchase) to finish (when the funds are transferred) with minimum risk to both parties. The interests of both the purchaser and the seller are taken into consideration to ensure a smooth and fair transaction to both.

In the event of a dispute arising during the transaction process, an escrow agent will manage this whilst adhering to the original terms and conditions that were agreed by both parties at the time the original contract was written up.

Visit www.escrow.com today for further details of how we can help with your next car purchase.